Glassdoor, the company which helps its users to search for jobs and research on the interested companies with the help of feedback provided by other users, has raised $40 million in Series H round to be valued at $1 Billion. The funding round was led by Henry Ellenbogen and T. Rowe Price with participation from the existing investors such as Google Capital, Tiger Global, Sutter Hill Ventures and Battery Ventures.
Speaking on the development, Robert Hohman, CEO Glassdoor termed this transaction as opportunistic and he admitted that the company was not really looking to raise the capital as it had the money from previous rounds in the bank. However, he added that the latest funding round was a chance to get a new investor on board who was in good terms with the team and the company.
Glassdoor has been fairly successful due to its different approach compared to the competitor website. Despite being just another job aggregator, the service aims to manage a database which lets users and current employees give feedback about any of the company, which helps the users make their mind before applying for one. It has become a repository of companies for the users to search. Robert further added that services like Linkedin are used to find people and not companies.
Currently, the company boasts of having over 500,000 businesses on its database. It has a premium model for the companies which allows them to add more details or post updates about the company. It has over 4000 paying clients as of now and the number might just multiply in the time to come, giving a huge chance to glassdoor to multiply its revenue.